Siti Networks net loss in Q3 at Rs 61.56 cr

The company had recorded a net loss of Rs 57.66 crore in the October-December quarter of the previous financial year, Siti Networks Ltd, formerly known as Wire and Wireless Ltd, said in a regulatory filing.

Multi-system operator Siti Networks Ltd announced on Saturday widening of its net loss to Rs 61.56 crore for the third quarter ended December 2021.

The company had recorded a net loss of Rs 57.66 crore in the October-December quarter of the previous financial year, Siti Networks Ltd, formerly known as Wire and Wireless Ltd, said in a regulatory filing.

Its operating income declined by 6.16% to Rs 365.22 crore in the quarter under review from Rs 389.20 crore in the same period last year.

“As of December 31, there are delays in the payment of bonds and loans, but in view of management, there is expected revenue growth and an expected increase in revenue margins under the 2017 rate order. and other likely mitigating factors such as continued efforts to secure additional funds by the company and its subsidiaries,” the Essel Group company said.

Siti Networks’ total expenditure stood at Rs 426.55 crore, down 3.78% year-on-year from Rs 443.32 crore.

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